Symphony Financial Ltd. Co. Decreases Stock Holdings in Targa Resources, Inc. $TRGP

Symphony Financial Ltd. Co. lowered its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 72.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,573 shares of the pipeline company’s stock after selling 4,056 shares during the period. Symphony Financial Ltd. Co.’s holdings in Targa Resources were worth $262,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Norges Bank bought a new position in Targa Resources during the second quarter valued at approximately $708,366,000. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Targa Resources by 441.3% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock valued at $117,565,000 after buying an additional 550,591 shares during the period. Franklin Resources Inc. boosted its stake in shares of Targa Resources by 306.6% in the 2nd quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock worth $104,686,000 after buying an additional 453,460 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Targa Resources by 1.4% in the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock worth $4,867,314,000 after acquiring an additional 375,939 shares during the period. Finally, Ensign Peak Advisors Inc increased its position in Targa Resources by 290.5% during the second quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock valued at $87,696,000 after acquiring an additional 374,768 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

TRGP opened at $191.65 on Friday. The company has a 50 day simple moving average of $179.80 and a two-hundred day simple moving average of $169.28. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market cap of $41.14 billion, a P/E ratio of 25.49, a PEG ratio of 0.82 and a beta of 0.87. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $213.19.

Targa Resources (NYSE:TRGP) last released its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be given a dividend of $1.00 per share. The ex-dividend date is Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Royal Bank Of Canada raised their target price on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. BMO Capital Markets increased their price target on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Scotiabank reiterated an “outperform” rating and set a $224.00 price target on shares of Targa Resources in a research note on Friday, January 16th. Finally, Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $213.14.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the sale, the insider owned 22,139 shares in the company, valued at $3,812,557.19. This trade represents a 47.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, the insider directly owned 29,561 shares in the company, valued at $5,356,748.81. This trade represents a 8.51% decrease in their position. The SEC filing for this sale provides additional information. 1.34% of the stock is currently owned by company insiders.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.